Gopinath Pillai, Singapore-based founder and chairman of Gateway Distriparks and its recently listed subsidiary Snowman Logistics, sold 453,982 shares of Gateway Distriparks on October 14 at an average price of ₹269 to net a cool ₹12.2 crore, taking his personal holding down to 0.72% from 1.14%. The timing of the sale is appropriate considering stock prices have been rocketing, up by 195% to ₹285 from a low of ₹98 in August last year. The stock is currently trading at ₹290 levels.
The overall promoter holding, including that of Pillai, as on September, stood at around 37%. Of this holding, nearly 26% has been pledged. Incidentally, most analysts are bullish on the stock on the back of strong second quarter results posted by the company. Net profit grew 41% YoY to ₹48 crore from ₹34 crore, while revenues showed a YoY growth of 16% from ₹251 crore to ₹293 crore. Consensus on the Street is looking at a price of around ₹320-340 for the stock, given the company’s improving position in the CFS and rail businesses. Looks like the good times are rolling in.